Outline how business models put strategy into action. ¦ The translation of a firm’s strategy…

Outline how business models put strategy into action.

■ The translation of a firm’s strategy (where and how to compete for competitive advantage) into action takes place in the firm’s business model (how to make money).

■ A business model details how the firm conducts its business with its buyers, suppliers, and partners.

■ How companies do business is as important to gaining and sustaining competitive advantage as what they do.

■ Some important business models include razorrazorblade, subscription, pay as you go, and freemium.

 

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